Think Investments LP Makes New Investment in DraftKings Inc. (NASDAQ:DKNG)

Think Investments LP purchased a new position in DraftKings Inc. (NASDAQ:DKNG) in the fourth quarter, HoldingsChannel.com reports. The firm purchased 442,400 shares of the company’s stock, valued at approximately $16,457,000. DraftKings comprises 3.6% of Think Investments LP’s holdings, making the stock its 12th biggest holding.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. Vanguard Group Inc. boosted its holdings in DraftKings by 1.4% in the 4th quarter. Vanguard Group Inc. now owns 43,073,314 shares of the company’s stock worth $1,602,327,000 after acquiring an additional 584,452 shares during the period. T. Rowe Price Investment Management Inc. boosted its holdings in DraftKings by 4.0% in the 4th quarter. T. Rowe Price Investment Management Inc. now owns 18,569,637 shares of the company’s stock worth $690,791,000 after acquiring an additional 707,504 shares during the period. FMR LLC boosted its holdings in DraftKings by 110.6% in the 4th quarter. FMR LLC now owns 13,617,448 shares of the company’s stock worth $506,569,000 after acquiring an additional 7,150,382 shares during the period. Janus Henderson Group PLC boosted its holdings in DraftKings by 31,346.8% in the 4th quarter. Janus Henderson Group PLC now owns 9,381,853 shares of the company’s stock worth $349,005,000 after acquiring an additional 9,352,019 shares during the period. Finally, Geode Capital Management LLC boosted its holdings in DraftKings by 1.1% in the 4th quarter. Geode Capital Management LLC now owns 8,075,009 shares of the company’s stock worth $299,921,000 after acquiring an additional 89,988 shares during the period. Hedge funds and other institutional investors own 37.70% of the company’s stock.

Wall Street Analyst Weigh In

DKNG has been the subject of several research analyst reports. JPMorgan Chase & Co. increased their target price on DraftKings from $53.00 to $61.00 and gave the company an “overweight” rating in a research note on Tuesday, February 18th. BTIG Research reduced their target price on DraftKings from $64.00 to $52.00 and set a “buy” rating for the company in a research note on Tuesday, April 22nd. BMO Capital Markets reiterated an “outperform” rating and set a $65.00 target price on shares of DraftKings in a research note on Thursday, April 24th. Argus set a $60.00 target price on DraftKings in a research note on Tuesday, February 18th. Finally, Bank of America reduced their target price on DraftKings from $60.00 to $50.00 and set a “buy” rating for the company in a research note on Friday, May 9th. Two research analysts have rated the stock with a hold rating and twenty-six have given a buy rating to the stock. According to data from MarketBeat.com, DraftKings has a consensus rating of “Moderate Buy” and an average target price of $55.04.

DraftKings Price Performance

Shares of NASDAQ DKNG opened at $36.90 on Friday. DraftKings Inc. has a 1-year low of $28.69 and a 1-year high of $53.61. The company has a debt-to-equity ratio of 1.24, a current ratio of 0.93 and a quick ratio of 1.00. The business’s fifty day moving average price is $35.25 and its two-hundred day moving average price is $39.31. The firm has a market capitalization of $32.58 billion, a PE ratio of -34.81, a P/E/G ratio of 1.43 and a beta of 1.89.

DraftKings (NASDAQ:DKNG) last issued its earnings results on Thursday, February 13th. The company reported ($0.28) earnings per share for the quarter, missing the consensus estimate of $0.07 by ($0.35). DraftKings had a negative return on equity of 48.13% and a negative net margin of 10.64%. On average, research analysts expect that DraftKings Inc. will post 0.64 EPS for the current year.

Insiders Place Their Bets

In other DraftKings news, insider Matthew Kalish sold 587,585 shares of the stock in a transaction on Friday, February 21st. The stock was sold at an average price of $47.05, for a total value of $27,645,874.25. Following the sale, the insider now directly owns 4,118,927 shares of the company’s stock, valued at $193,795,515.35. This trade represents a 12.48% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Alan Wayne Ellingson sold 158,661 shares of the stock in a transaction on Tuesday, February 25th. The stock was sold at an average price of $42.42, for a total value of $6,730,399.62. Following the completion of the sale, the chief financial officer now directly owns 179,435 shares in the company, valued at $7,611,632.70. This represents a 46.93% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 2,697,908 shares of company stock valued at $112,137,019 over the last three months. Company insiders own 47.08% of the company’s stock.

DraftKings Company Profile

DraftKings Inc operates as a digital sports entertainment and gaming company in the United States and internationally. It provides online sports betting and casino, daily fantasy sports, media, and other consumer products, as well as retails sportsbooks. The company also engages in the design and development of sports betting and casino gaming software for online and retail sportsbooks, and iGaming operators.